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Actionable news in HFC: HOLLYFRONTIER CORP,

Entry into a Material Definitive Agreement

Assignment and Assumption Agreement

HFRM

), Navajo Refining Company, L.L.C. (

Navajo

), Holly Refining& Marketing Tulsa LLC (

Holly Tulsa

), Frontier Refining LLC (

Frontier Refining

), and Frontier El Dorado Refining LLC (

FEDR

), each of which are wholly owned subsidiaries of HollyFrontier Corporation (

HollyFrontier

), entered into an Assignment and Assumption of Agreements (the

Assignment

), to be effective as of January1, 2015. Pursuant to the Assignment, (a)Navajo assigned to HFRM its respective right, title and interest in, to and under that certain Loading Rack Throughput Agreement (Lovington), dated as of March31, 2010, (b)Holly Tulsa assigned to HFRM its respective right, title and interest in, to and under that certain Second Amended and Restated Pipelines, Tankage and Loading Rack Throughput Agreement (Tulsa East), dated as of August31, 2011, (c)Frontier Refining assigned to HFRM its respective right, title and interest in, to and under that certain First Amended and Restated Tankage, Loading Rack and Crude Oil Receiving Throughput Agreement (Cheyenne), dated as of January11, 2012, and (d)FEDR assigned to HFRM its respective right, title and interest in, to and under that certain Second Amended and Restated Pipeline Delivery, Tankage and Loading Rack Throughput Agreement (El Dorado), dated as of January7, 2014.

The description of the Assignment herein is qualified by reference to the copy of the Assignment, filed as Exhibit10.1 to this report, which is incorporated by reference into this report in its entirety.

Master Throughput Agreement

On October16, 2015, HFRM and Holly Energy Partners-Operating, L.P. (

HEP Operating

), a wholly owned subsidiary of Holly Energy Partners, L.P. (the

Partnership

), entered into a Master Throughput Agreement (the

Master Throughput Agreement

), to be effective January1, 2015. HollyFrontier controls the general partner of the Partnership.

The Master Throughput Agreement amends and restates several prior throughput agreements between HFRM and HEP Operating or their affiliates (the

Prior Throughput Agreements

) in order to consolidate the Prior Throughput Agreements. The Master Throughput Agreement also contains immaterial changes to the terms of the Prior Throughput Agreements.

El Dorado Crude Tank Storage Arrangement

In addition, pursuant to the Master Throughput Agreement, HEP Operating has agreed to make available to HFRM on an exclusive basis at least 140,000 barrels per day (

bpd

) capacity in nine crude tanks (the

HFRM Tanks

) at its subsidiarys El Dorado, Kansas crude tank farm (the

El Dorado Crude Tank Storage Arrangement

). HFRM will pay HEP Operating a tariff of $0.091 for each barrel of crude oil received by pipeline at the tankage up to 140,000 bpd and $0.01 for each barrel in excess of such amount, with a guaranteed minimum commitment of 140,000 bpd. The tariffs are subject to adjustment, including an adjustment equal to changes in the Producers Price Index-Commodities-Finished Goods (

PPI-FG

), produced by the U.S. Department of Labor, Bureaus of Labor Statistics; provided, that the PPI-FG adjustment may not be less than 1% in any given year and the PPI-FG adjustment may not exceed 3% in any given year.

The El Dorado Crude Tank Storage Arrangement has a term of 10 years from March6, 2015 to March6, 2025. HFRM has a right of first refusal to any available working capacity in the HFRM Tanks and the tanks leased to Jayhawk Pipeline, L.L.C. (

Jayhawk

) following the expiration of Jayhawks lease of the tanks. In the event that Jayhawks lease expires or is otherwise terminated or cancelled for any reason and the tanks leased to Jayhawk are not leased within a reasonable time to a third party, HEP Operating agrees to make the working capacity of such tanks available for HFRMs exclusive use, and HFRM agrees to increase the minimum throughput commitment by an amount equal to the monthly storage fee that Jayhawk paid to HEP Operating during the last 12 months of Jayhawks lease, divided by the working capacity of the tankage lease to Jayhawk, and the minimum working capacity for the El Dorado Crude Tank Storage Arrangement shall be increased by an amount equal to two-thirds (2/3)of the working capacity of such tankage.

2

HollyFrontier will guarantee the obligations of HFRM under the El Dorado Crude Tank Storage Arrangement, and the Partnership will guarantee the obligations of the Operating Partnership.

El Dorado and Cheyenne New Tanks

In addition, the Master Throughput Agreement covers new storage tank assets constructed at the El Dorado refinery in El Dorado, Kansas and at the Cheyenne refinery in Cheyenne, Wyoming (collectively, the

New Tanks

) and provides for the construction of additional new storage tank assets at both locations. The Master...


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